Mumbai: The Indian currency edged higher against the US currency in the forex market. The positive trend in the Indian equity market supported the upward rally of the local currency. But, the sustained foreign fund outflows and strengthening of the US dollar capped the gains of the Indian rupee.
At the interbank foreign exchange, the Indian rupee opened at 79.72 against the American dollar. During trading in inched lower to 79.74 against the US dollar, registering a gain of 7 paise over the last close. On Wednesday, the Indian currency had closed at an all-time low of 79.81 against the US dollar.
The dollar index, which measures the US dollar’s strength against a basket of six currencies, gained 0.30% to 108.30. Foreign institutional investors remained net sellers in the Indian share market, as they offloaded shares worth Rs2,839.52 crore.